Iran approves foreign investment worth $540m

Iran has approved $540 million worth of new foreign investment[2] plans, the Chairman of the Organization for Investment, Economic and Technical Assistance of Iran stated.

IRNA[3] quoted Bahrouz Alishiri as saying that the plans are related to the industry, mining, and transportation sectors. On July 6, Alishiri said Iran offers one hundred percent tax exemption[4] for an unlimited period of time to foreign investment in the agriculture sector. Tax exemption up to 80 percent are being offered to investments in the industry and mine sector, he said, adding that the figure will be one hundred percent for a period of ten years in underdeveloped areas. Tax exemptions in free trade[5] zones will be extended for 20 years, he added. On June 20, Alishiri said that foreign investments in Iran rose by 45 percent in the past Iranian calendar year, which ended on March 20, compared to its preceding year. The amount of foreign investment in Iran reached its peak in the past [Iranian calendar] year 1391, the Mehr News Agency quoted Alishiri as saying. The investment figure has been reported to UNCTAD[6] (the United Nations Conference on Trade and Development), he said, adding, “If UNCTAD approves the figure, we will announce it.” Iran has initiated three plans to attract more foreign investment in the current year, Alishiri said. The plans, which will be launched by the next two months, include restructuring the organization for foreign investments, implementing a unified window platform for investments, and offering incentives to investors, he added.